Mid-Term Exam: Week 2: Brand Associations and DEI, Customer Analytics

Question 1

Branding Methods – what are some ways that a brand linking to some other entity?

Answer 1

Brand Partnerships (co-branding/ingredient branding
licensing
celebrity endorsement

Question 2

What are two guidelines in brand partnerships (hint” commonality and complementarity) and what are
they?

Answer 2

Commonality: Both are known and trusted
complementarity: They go together to make a better whole

Question 3

What are three main branding options?

Answer 3

1. Create a new brand
2. Adopt of modify and existing brand
3. Combine and existing and a new brand (private label, line extention)

Question 4

Be able to describe the three types of brand architecture

Answer 4

1. Master Brand: Like Apple or Coca-Cola
2. Endorsed Brand: An endorsed brand architecture model involves the parent or umbrella brand giving their endorsement to other brands that fall beneath them in the structure.
3. Hybrid: Often, very large corporations maintain a hybrid brand architecture to balance the needs of all the brands they manage and perform with maximum efficiency. It is more than likely that this type of corporate brand is the result of the expansion of an existing brand over time. Coca-Cola, as mentioned, has several sub-brands but also has stand-alone brands under its umbrella.

Question 5

Be familiar with the definitions of Diversity, Equity, and Inclusion, to be able to explain in your own
words

Answer 5

Diversity is the presence and acknowledgement of differences that includes
a spectrum of intersecting identities such as race, ethnicity, socioeconomic status, gender/gender identity and expression, sexual
orientation, country of origin, language, ability, veteran status, religious
affiliations, and life experiences. Diversity in higher education
acknowledges that some populations have been—and remain—
underrepresented.

Equity includes a commitment to
restorative practices that promote equitable
treatment, access, opportunity, and
advancement among historically
marginalized groups and individuals.

Inclusion recognizes diversity, advocates for a
commitment to equity, and works to create an
infrastructure that work to ensure shared power,
opportunities, and resources. Inclusive practice
involves carving and sustaining pathways to
ensure traditionally excluded individuals and/or
groups have agency in decision making and are
viewed as valuable and necessary for the
organization to thrive.

Question 6

What is data literacy?

Answer 6

Read data - understanding what data is and
the aspects of the world it represents.
 Work with data, including creating, acquiring,
cleaning, and managing it.
 Analyze data, involving filtering, sorting,
aggregating, comparing, and performing
other analytic operations on it.
 Argue with data, using data to support a
larger narrative that is intended to
communicate some message or story to a
particular audience.

Question 7

What is social media analytics?

Answer 7

Analysis of unsolicited, online consumer conversations
offers that understanding through a constantly
evolving focus group that adds real-time insight to the
data provided by traditional methods of measuring
brand health.

Question 8

What should you (a brand) be listening to in social media?

Answer 8

 What people are saying about your brand?
 To know what people are saying about your brand on social media,
simply search for your brand name and any words and phrases
related to it, such as your tagline, product name, the name of CEO
or other important figures.
 Try search for your brand name with the @ mention and also
without it, as sometimes people do not include it. Also, search for
any misspells of it.
 Competitors: listening to your competitors as well as
what people are saying about them can help you adjust
your social media marketing strategy.
 Side-by-side comparisons
————
Influencers: when it comes to social media, influencers
are people (not companies) that have a large and engaged
following, and so what they say can influence many other
people.

Question 9

What was the Python example in the social media lecture about?

Answer 9

Text analytics

Specific issues critical to your brand?
 Knowing who’s talking is just as
important as what they are sayingget the demographics and
behavioral data as possible

Question 10

What is “Share of Voice”?

Answer 10

– how much and how
often are people talking about your
brand?

Question 11

What is the difference between social monitoring and social listening?

Answer 11

The main difference is that
listening requires the further
action of analyzing and
reflecting, whereas social
monitoring collects every social
mention and action separately.